News & Views

Auctioneers deal with urgency…

12 October 2018

I teach real estate pre-licensing, post-licensing, continuing educaiton and exam preparation classes for Hondros College. In thos classes, students often ask what the csotmary commission is for selling real proprety; additionally, they sometimes ask what I charge to sell real property at auction.

Legal precedent in auction cases…

10 October 2018

As I’ve recently quoted otherwise on this platform, “In common law legal systems, a precedent or authority is a legal case that establishes a principle or rule. This principle or rule is then used by the court or other judicial bodies use when deciding later cases with similar issues or facts … The Latin term stare decisis is the doctrine of legal precedent.”

Going, going, gone … at auction

8 October 2018

Sotheby’s recently sold a framed image of a girl reaching out for a red, heart-shaped balloon for $1.4 million. Then moments later a shredder hidden inside the “artist’s frame” started up and the art “self-destructed …”

“As-is” with absolutely no inspection opportunity

8 October 2018

Today we explore an idea … let’s say we auctioneers start selling property “as-is” (caveat emptor) with absolutely no preview opportunities and worse yet conceal material facts.

Of course, caveat emptor is the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made. So, with no preview opportunity how does he do that?

Shah Alam Biennale

4 October 2018

The Shah Alam Biennale is an event organised by Tapak Gallery that runs from Oct 6 to 10 2018. Centered around the capital of Selangor, the event will include participants from 15 countries across Europe and Asia. The 'biennale' will be held at various venues where workshops and forums will be conducted.

Participating countries are America, Brunei, Canada, China, Columbia, Czech Republic, Germany, Italy, Indonesia, Japan, Kazakhstan, Norway, Pakistan, Singapore and Vietnam.

Tracking the Southeast Asian art market

26 September 2018

In the foreword of the book, The Edge Media Group Publisher and CEO Ho Kay Tat points out that the idea for this publication came from the group chairman Datuk Tong Kooi Ong, who suggested that some form of price benchmarks for Southeast Asian art should be available for collectors could refer to.

“The concept was for a listing that we are happy with and which we could publish and stand by,” says Tong.

The list of records would become a reference, thereby making the local art industry more transparent.

Asking/requiring a bidder to leave the auction

26 September 2018

A bidder is jawing, talking about other auctions to distract bidders or is otherwise causing a commotion at your auction? Can you ask/require this bidder to leave? The answer is, “yes, you can.”

Largest ever work by Zao Wou-Ki leads Sotheby’s Autumn Sales

25 September 2018

Zao Wou-Ki's “largest-ever [work]” will highlight Sotheby’s Modern Art Evening sale on Sept 30 2018 in Hong Kong. Measuring 10 metres long and 2.8 metres in height, this monumental and exceedingly rare triptych was commissioned personally by celebrated architect I. M. Pei for Raffles City in Singapore. Titled, Juin-Octobre 1985, it is expected to fetch in excess of HK$350 million ($45 million), a world auction record for the Zao Wou-Ki,” quotes a text on Sotheby’s website.

The Birth of a Masterpiece